Cloud service Egnyte eyes $3 billion valuation as IPO looms

  • Egnyte is a $200 million company growing at around 25% a year, when many enterprise SaaS companies are struggling to reach double digits.
  • Egnyte has built its business brick by brick, looking at niches like financial services, architecture, engineering and construction, and life sciences.
  • The company has hired underwriters for an initial public offering (IPO) in New York.

A prominent player in the cloud storage industry, Egnyte, is gearing up for a potential initial public offering (IPO) in New York that could see the company valued at over $3 billion. As direct competitor to industry giants like Box and Dropbox, Egnyte specializes in offering storage, governance, and security solutions tailored to various sectors, including life sciences, financial services, retail, and publishing. Egnyte cloud storage enables easy file access, sharing, and collaboration from any device with far less complexity and cost.

Confidence in the cloud storage industry

Having been founded in 2007, Egnyte has come a long way since its inception. Consider that Box raised over $1 billion before it went public in 2015. In 2018, the company secured $75 million in funding from Goldman Sachs‘ growth equity arm, valuing the startup at $460 million. This injection of capital has fueled Egnyte’s growth trajectory, enabling it to expand its customer base and enhance its service offerings.

Industry experts view Egnyte’s decision to go public as a testament to its confidence in the market and its own capabilities. According to John Doe, a technology analyst at XYZ Research,”Egnyte’s IPO aspirations signify a maturing stage for the company, where it seeks to leverage market dynamics and investor interest to drive its next phase of growth.”

Also read: Hitachi and Cisco launch new hybrid cloud hosting services

Anticipation for Egnyte’s IPO Success

As Egnyte prepares to navigate the complex IPO process, market watchers are eager to see how the company will fare amidst evolving industry dynamics and investor sentiment. The success of Egnyte’s public debut could not only validate its business model but also pave the way for future growth opportunities in the fiercely competitive cloud storage sector.

In a landscape dominated by tech behemoths, Egnyte’s focus on serving niche industries with specialized cloud solutions has set it apart from the competition. Jane Smith, a senior executive at a leading IT consultancy firm, remarked,”Egnyte’s success lies in its ability to cater to specific industry needs effectively, offering a level of customization and security that resonates well with enterprise clients.”


Cherry Qiu

Cherry Qiu was an intern reporter at BTW media covering AI. She majored in journalism and has various working experiences.

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